ZEC’s market capitalization has surged well above $10 billion.
Тhe popular privacy coin Zcash (ZEC) registered another uptick over the last 24 hours, with its price spiking by roughly 10%.
One possible catalyst fueling today’s pump is the additional backing from the world’s largest cryptocurrency exchange, Binance.
ZEC in Green Territory Again
The native token of Zcash is currently worth around $623, representing a triple-digit increase on a monthly scale. Following the latest uptrend, its market capitalization climbed to $10.2 billion, thus flipping Bitcoin Cash (BCH) and becoming the 18th-biggest cryptocurrency.
Its positive performance follows the news that Binance Futures launched the ZEC/USDC perpetual contract with up to 75x leverage. This is a derivative product that allows traders to speculate on the asset’s price without owning it and with no expiration date.
Such support from Binance increases the visibility of the involved token, boosts its liquidity, and often positively affects its valuation. In September, for instance, the exchange introduced the STBL/USDT perpetual contract with up to 50x leverage, and STBL skyrocketed by 500% shortly after the disclosure.
ZEC’s strong rally as of late has sparked a flurry of optimistic price predictions. X user Sakura argued that an ascent to $1,000 is among the possible scenarios, while Ali Martinez envisioned the rise to $1,500 before the end of 2025.
The co-founder of BitMEX and CIO of the crypto-focused investment fund Maelstrom, Arthur Hayes, is among the biggest advocates of ZEC. Last month, he set the somewhat absurd target of $10,000, but later revised it down to $1,000.
You may also like:
Time to Call it Quits?
Despite overall bullish expectations that ZEC’s price may rise even higher in the short term, some technical indicators point in the opposite direction.
According to CoinGlass’s data, exchange inflows have surpassed outflows over the past several days, suggesting investors have shifted from self-custody to centralized platforms. This is often considered a step before sale and could suppress the valuation.
Meanwhile, Stalkchain revealed that ZEC is “the most sold token by smart money” in the last 24 hours, exceeding the selling spree involving PENGU, WIF, USELESS, and other altcoins.
SECRET PARTNERSHIP BONUS for CryptoPotato readers: Use this link to register and unlock $1,500 in exclusive BingX Exchange rewards (limited time offer).